This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
11/13/2018
Fallback Fraud Falls as Card Issuers Ramp Up Their Monitoring
Digital Transactions
Fallback fraud, an offshoot of the counterfeit fraud that EMV chip cards are meant to reduce, declined over the past year, according to new findings from Auriemma Consulting Group.
Fallback fraud refers to fraud resulting from would-be EMV payments resorting to the credit or debit card’s back-up magnetic stripe because of a problem with the chip. Such transactions typically occur when the fraudster damages the chip, covers it with clear film, or otherwise renders it inoperable, forcing the point-of-sale terminal to read the card’s mag stripe, which likely has been counterfeited. Incorrect insertion of an EMV card into a POS terminal occasionally initiates a fallback transaction, too.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information